7 Legit Passive Income Ideas You Can Start Today
Do you want to be financially independent and make money while you sleep? Luckily, many easy passive income ideas can help you achieve financial independence. In fact, you can start making money right away.
Say goodbye to your 9-to-5 job with these seven legit passive income ideas. Let’s take a look at why creating a passive income source is a must.
Why are Passive Income Opportunities a Must?
Why work every day and get paid little for your effort, when you can get paid over and over again for something you did once? Don’t you want to invest your time the way you want, or you prefer to work from 9-to-5 five or six days a week?
Many people don’t realize how exhausting that kind of job could be. Not to mention the damage an irregular sleep and chronic stress can cause to the human body.
On the other hand, a passive income stream gives you freedom. Freedom to do whatever you want, whenever you want. By generating passive income every month from an idea, you can say goodbye to the 9-to-5 job.
How Much Can I Earn?
Are you passionate about something? Good. Use your passion and your previous experience to find out the best passive income idea for you. Once you do that, all you need to do is wait and enjoy the passive income your work generates each month.
However, don’t expect to write an e-book and start earning $10,000 every week right away. It might take a lot of time before you make even $100. Of course, some people are luckier than others, or they had the right idea at the right time.
For example, some people can make a great living from only one form of passive income. Others generate small amounts from multiple passive income sources. Generally, creating one or more passive income sources is not easy. Also, creating income sources is more of a long-term strategy rather than a short-term one.
It’s time. Let’s see which are the best seven legit passive income ideas that ranked our list.
Real Estate Income
Do you already have money set aside? If you don’t, don’t worry. You can always take out a mortgage loan, rent the apartment or house, and pay it off. Of course, this option carries many risks and is not recommended.
If you have money saved, investing in real estate is a smart choice. By renting the property out, you will earn money without having to work. Imagine getting $600 a month or more?
Rent out a Room
This idea is similar to the previous one, but you do not have to buy a property. You already own either an apartment or a house. Think about it. Do you live in a house with unused rooms? Or in a three-bedroom condo where you use only one room?
Why should these rooms in your house stand empty when they can generate income for you every month? If you get $100-200 a month, then in one year you will have earned, and maybe even saved, $1,200 – $2,400.
Owning stock in a company can generate dividends, which is a portion of a company’s profit. The more stock you own, the higher the profit. By investing in dividend stocks, you can create steady passive income. The more diversified your portfolio of high dividend stocks is, the higher the passive income at an annual rate is.
Also, the board of directors decides if the dividend will be issued as cash payments, like shares of stocks or other property. Moreover, you can always choose to reinvest your profit. This way, you can expect to earn even more.
Do you know what peer-to-peer lending is? Well, do you have a friend who doesn’t qualify for traditional financing? Peer to peer lending is the practice of lending money to individuals or businesses. There are platforms, which match lenders with borrowers.
Worthy and LendingClub are an excellent option for beginners. They are a viable alternative to standard bank loans. The best part is you can take your money out at any time.
Not a fan of high-risk passive income sources? Then opening a high-yield savings account might be the right option for you. Find an online bank, open a high-yield savings account, and enjoy the many benefits.
For example, CIT Bank pays 19 times more than traditional banks. They are offering a 2.30% interest rate on their Online Savings account. Also, this type of passive income stream is probably the safest one.
Write an E-Book
Do you like to write? Has someone told you that you choose your words well? Well, why not try writing a book and selling it online? By writing a book, you leave something behind. Also, if your book is a success, it will earn you passive income for years to come.
For example, many people start blogging first. After a while, they publish a book. What do you think? Will their current blog readers buy the book? Of course, they will! In other words, writing an e-book and selling it can be a great way to generate high residual income.
Last but not least. Affiliate marketing is the perfect passive income opportunity to make money while you sleep. You promote other people’s products. You earn a commission when people buy the products, thanks to your marketing.
If you have a website and you are already doing this, then congratulations. If you are not making money this way, it’s time to consider this great option. For those who don’t have a website, don’t worry. You can always create a website for free or less than $3/month.
Do you think our tips were helpful? We want to share with you seven more legit passive income ideas.
1. Lead Generation Website
2. Amazon Account
3. Online Store | Drop Shipping
4. Online Course
5. YouTube Videos
6. Vending Machine Business
7. License Your Photos
The mentioned above ideas are a great way to make money while you sleep. You have the opportunity to make money with a job that fits your previous experience, your skills, and your passion.
You can finally say goodbye to that 9-to-5 job that you have been complaining about for so long. If you put the effort and the time into the passive income idea, you should be able to earn money while you sleep.